Nigeria in 1min: Economic, Business and Financial Headlines - 131120

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Friday, November 13, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Source Getty Images


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COVID-19 Health Updates

  • 12th of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 64,728 cases (New: 212)
  • Discharged:  60,790
  • Deaths: : 1,162 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY 

A Large Blow to FGN Revenue from the Virus - The CBN's monthly reports show the same decline in government revenue collection due to the virus that we have seen in other economies. Total non-oil revenue collection (gross) in August was 15.1% down y/y at N366bn and companies' income tax (CIT) 30.6% lower at N136bn. Source FBNQuest Research Read More

 

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PROSHARE MARKETS

NSEASI Closes Above 35,000bpts, Inches Up by 6.23% as Circuit Breaker Triggers - Equities market closed today on a positive note, as NSEASI appreciated by +6.23% to close at 35,342.46 basis points as against +1.90% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +31.67%. Source Proshare Markets Read More

NSE Triggers Circuit Breaker to Guard Against Sharp Market Fluctuations - The Nigerian Stock Exchange ("NSE" or "The Exchange") has announced that a market-wide circuit breaker kicked in today, Thursday, November 12, 2020, at 12:55p.m, when the NSE All-Share Index (NSE ASI) rose beyond the set threshold of 5%, triggering a 30-minute trading halt of all stocks. Source NSE Nigeria Read More

NSE All Shares Index: Dissecting The Highs and Lows - Investors in Nigeria's stock market in 2020 are finding it increasingly difficult to interpret price movements as market sentiments thump corporate fundamentals into the ground. Source Proshare Research Read More

A Look at Global Governments and COVID-19 - As much of Europe and the US struggle with the second wave of COVID-19 infections, it seems a good time to share a few opinions on what their governments and their health practitioners have learned from the first wave that broke in March. Source FBNQuest Research Read More

 

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PROSHARE BUSINESS

Nigeria's Strength Lies in Export Of Services, Says Awolowo - The Managing Director and Chief Executive Officer, Nigeria Export Promotion Council, Segun Awolowo, says Nigeria has an advantage over other African countries in the export of services. Awolowo said this at the Africa-China Trade Import and Export Showcase held virtually on Wednesday. Source Punch Read More

Forex Demand Pressure Worries CBN MPC members - Some members of the Monetary Policy Committee of the Central Bank of Nigeria have expressed concerns over the high demand pressure in the nation's foreign exchange market. The MPC members voiced their concerns at the last MPC meeting in their personal statements, which were obtained by our correspondent from the CBN on Wednesday. Source Punch Read More

NLNG Targets 450,000MT LPG Supply to Nigerian Market 2021 - MD - The Nigeria Liquefied Natural Gas (NLNG) Limited says it will increase its allocation of Liquefied Petroleum Gas (LPG) to the domestic market from 350, 000MT to 450, 000MT by 2021. Source Vanguard Read More 

 

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PROSHARE TECHNOLOGY 

Analysts Review How Digital Platforms Have Become Integral To Nigeria's Economic Growth - Emerging technological developments have become an integral aspect of everyday business; the trend, according to Fintech analysts is indicative of the strength of digital platforms and their relevance to economic growth. Source WebTVNG Read More

NDIC Pledges to Insure Fintech Depositors - The Nigeria Deposit Insurance Corporation (NDIC) said it is working to enhance its framework towards protecting depositors from dangers that could arise from emerging fintech solutions. Source THISDAYLIVE Read More

Internet Economy in Nigeria, Others to Reach $180bn in 2025 - The Internet economy has the potential to contribute $180bn to the economy of Nigeria and other African countries by 2025, according to a new study by Google and International Finance Corporation. The findings of the study made public on Wednesday highlighted the growth opportunities within the continent and provided a road map for investment opportunities. Source Punch Read More


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PROSHARE MSME

FG Disburses MSME Survival Fund to Tailors - The Federal Government has commenced the disbursement of its Micro, Small and Medium Enterprises Survival Fund to artisans in Lagos State. The Special Assistant to the President on MSMEs/DFIs, Tola Johnson, said so far in the Bariga cluster alone, over 400 people had benefitted from the scheme, with11other clusters approved last week. Source Punch Read More

 

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